TD Canada Trust Raises Fixed Rates!

With the leap in bond yields yesterday, a bunch of lenders are once again raising fixed mortgage rates.

TD was the first of the Big 5 today to announce a rate increase.  Canada’s second largest bank is hiking rates as follows:

• 5-year posted fixed rate:  5.85%, up 0.40%
• 4-year posted fixed rate:  5.14%, up 0.30%
• 3-year posted fixed rate:  4.65%, up 0.50%

That 5-year move is the biggest increase in almost a year.

TD also announced it is lowering its 1-year rate by 0.15%.

If history is a guide, the other large banks will likely announce their own increases in the next 24 hours.

Assuming the banks all move their 5-year posted rates to 5.85%, that will amount to a 0.60% increase in the last nine days.  On a $200,000 5-year mortgage with 25-year amortization, that equates to over $5,700 more interest over five years.

If there’s one bright side, it’s that IRD penalties will potentially fall for certain people who are breaking their fixed-rate mortgages early.

If  you still have not saved your rates contact me TODAY for a 120 day rate hold, offer ends june 10th at 11:00pm eastern time

TD Canada Trust Lowers Mortgage Rates

Changes in Residential mortgage rates!

SUMMARY

Effective April 22, 2009, our Mortgage rates have changed as indicated below.

Term	Rate		Change
6-month convertible	4.90		N/A
1-year open	7.15		N/A
1-year closed	4.20		N/A
2-year closed	4.70		N/A
3-year closed	4.90		N/A
4-year closed	5.14		N/A
5-year closed	5.45		N/A
6-year closed	6.30		N/A
7-year closed	6.70		N/A
10-year closed	6.70		N/A
1-year closed Special	3.20		N/A
4-year closed Special	4.09		N/A
5-year closed Special	4.15		N/A
10-year closed Special (*2)	5.25		N/A
Variable Interest Rate Mortgages	TD Mortgage Prime	Variance	Rate
Closed VIRM: Rate is TD Mortgage Prime + 0.80%	2.50	+0.80	3.30
Open VIRM: Rate is TD Mortgage Prime + 1.00%	2.50	+1.00	3.50
Home Equity Line of Credit	TD Prime	Variance	Rate
Float: Spring Money-Out Limited Time Offer: Rate is TD Prime + 1.00%(*1)	2.25	+1.00	3.25

Notes:

• (*1) TD Prime + 1.00% is a “Spring Money-Out” Limited Time Special, which is valid on fundings through June 30, 2009
• (*2) Special is valid on new mortgage applications received by May 31, 2009 and mortgage must be advanced by July 31, 2009. Offer may be changed, extended or withdrawn at any time without notice. Mortgage renewals must be signed and submitted to TD Canada Trust by May 31, 2009.

 

Announced today – TD Canada Trust pricing structure on the 4-5 year fixed term products.

Effective April 7, 2009, our Mortgage rates have changed as indicated below.

Term	Rate	Change
6-month convertible	4.90	-0.30
1-year open	7.15	-0.30
1-year closed	4.20	-0.30
2-year closed	4.70	-0.30
3-year closed	4.90	-0.30
4-year closed	5.14	-0.30
5-year closed	5.45	-0.10
6-year closed	6.30	-0.10
7-year closed	6.70	-0.10
10-year closed	6.70	-0.10
1-year closed Special	3.20	-0.30
4-year closed Special	4.09	-0.30
5-year closed Special	4.15	-0.10
10-year closed Special (*2)	5.25	N/A
Variable Interest Rate Mortgages	TD Mortgage Prime		Variance	Rate
Closed VIRM: Rate is TD Mortgage Prime + 0.80%	2.50		+0.80	3.30
Open VIRM: Rate is TD Mortgage Prime + 1.00%	2.50		+1.00	3.50
Home Equity Line of Credit	TD Prime		Variance	Rate
Float: Spring Money-Out Limited Time Offer: Rate is TD Prime + 1.00%(*1)	2.50		+1.00	3.50

Notes:

• (*1) TD Prime + 1.00% is a “Spring Money-Out” Limited Time Special, which is valid on funding through June 30, 2009
• (*2) Special is valid on new mortgage applications received by May 31, 2009 and mortgage must be advanced by July 31, 2009. Offer may be changed, extended or withdrawn at any time without notice. Mortgage renewals must be signed and submitted to TD Canada Trust by May 31, 2009.

TD Canada Trust Decreases effective 5 Year Fixed Rate

Good News!

Yesterday TD Canada Trust lowered the effective rate of its 5 year closed term product, effective November 13, 2008 the lowest 5 year closed rate is 5.79%